VEB chief economist Andrei Klepach
Russian inflation will hit 13% by the year end instead of the previous forecast of 12%, Vnesheconombank chief economist Andrei Klepach told Interfax this week. His prediction assumes a 4.7% decline in the country’s economy with oil prices averaging $50 per barrel.
Klepach’s forecast is at odds with that of the Ministry of Economic Development (where he used to work) which last month predicted a fall in GDP of 3.3% for 2015 and consumer price inflation levelling out at just over 11% by December; the Ministry warned, however, that any further weakening of the rouble could result in an acceleration in the rate of inflation.
Source: Lenta